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Rupee gains on shares rise; dollar moves eyed

Rupee gains on shares rise; dollar moves eyed
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First Published: Fri, Apr 23 2010. 01 47 PM IST
Updated: Fri, Apr 23 2010. 01 47 PM IST
Mumbai: The Indian rupee recovered from the day’s lows on Friday afternoon as the dollar trimmed its gains against major currencies while domestic shares stayed positive, helping sentiment for the local unit.
At 2pm, the partially convertible rupee was at Rs44.50/51 per dollar, off an early low of Rs44.65 and slightly stronger than its close of Rs44.54/55 on Thursday.
The index of the dollar against six major currencies was up 0.2% after having been up more than 0.5% earlier.
The euro fell to its lowest in a year on Friday, hammered by a wave of stop-loss selling in Asian trade as speculation heightened that Greece could default on its sovereign debt obligations.
Indian shares were trading up 0.5% after outsourcer Wipro met forecasts and recommended two bonus shares for every three.
The weather office is scheduled to issue its annual monsoon forecast at 1030 GMT, which will provide cues on growth and inflation outlook.
One-month offshore non-deliverable forward contracts were quoting at 44.57, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 44.5175, with the total traded volume on the two exchanges at about $4.8 billion.
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First Published: Fri, Apr 23 2010. 01 47 PM IST
More Topics: Markets | India | Rupee | Currency | Dollar |